The 'Revenue Deficit' is: MCQ with Answer and Explanation

Question

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The 'Revenue Deficit' is:

A. Capital expenditure minus capital receipts

B. Total expenditure minus total receipts

C. Revenue expenditure minus revenue receipts

D. Fiscal deficit minus borrowings

Answer: Option C

Solution (By JKSSB Mock Tests)

Revenue deficit = Revenue expenditure - Revenue receipts.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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A liability arising from a past event, whose existence depends on a future uncertain event, is known as:

A. Current Liability

B. Fixed Liability

C. Deferred Liability

D. Contingent Liability

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Correct Answer: Option D

Explanation:
Contingent liabilities depend on the outcome of a future event (like a pending lawsuit) and are disclosed in footnotes.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

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A petty cash voucher is authorized by:

A. The petty cashier or an authorized manager

B. The external auditor

C. The payee

D. The bank manager

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Correct Answer: Option A

Explanation:
For internal control, petty cash vouchers must be authorized by a responsible official before disbursement is made.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

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If the Trial Balance totals do not match, the difference is temporarily transferred to:

A. Capital Account

B. Suspense Account

C. Trading Account

D. Profit and Loss Account

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Correct Answer: Option B

Explanation:
When the Trial Balance disagrees, the difference is placed in a Suspense Account to allow the preparation of final accounts. The suspense account is cleared once the errors are located and rectified.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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